Keurig Dr Pepper (KDP) CEO Ozan Dokmecioglu has resigned as the company’s chief executive and as a member of the board of directors due to “violations of the Company’s Code of Conduct,” the company announced this morning.
Executive chairman and former CEO Bob Gamgort has returned to the role, effective immediately
According to a press release, Dokmecioglu agreed to resign from the company for reasons “unrelated to strategy, operations or financial reporting.” Further details were unavailable.
“Keurig Dr Pepper’s Code of Conduct is built on a foundation of ethics, integrity and personal responsibility,” said Paul S. Michaels, lead director of the board, in the release. “Every employee, without exception, is accountable for knowing and following the Code. Bob’s vision and leadership have driven KDP’s success as a modern beverage company to date, and the Board is grateful for his willingness to return as CEO.”
“KDP has a deep and talented executive team,” Gamgort added. “I look forward to continuing to work with the leadership team and the Board in the role I held less than four months ago.”
Dokmecioglu’s resignation comes less than four months after he assumed the leadership role on July 29. His exit from the board of directors also reduces the size of the board to 11 members. Dokmecioglu previously served as CFO of Keurig Green Mountain and held that title following the company’s merger with Dr Pepper Snapple Group in 2018.
Gamgort initially announced he would step down as CEO in April, prompting concerns from some investors that his departure would be premature. Morgan Stanley analyst Dara Mohsenian wrote at the time that Gamgort is “highly regarded” with KDP’s investors and the CEO transition was occurring “sooner than the market expected.”